News of the collapse of the Grocon empire is greatly exaggerated – The Conversation AU

Grocon, the Australian construction empire that grew from the family concreting business started by Luigi Grollo in Melbourne in 1948, is on its last legs. But Grocon, the privately held property development empire headed by Luigis grandson Daniel Grollo, will continue to operate. Media outlets have breathlessly reported Grollos announcement that Grocons construction business is…

Feronia Inc. Announces Closing of Restructuring Transaction TSX Venture Exchange:FRN – GlobeNewswire

November 23, 2020 08:00 ET | Source: Feronia Inc. VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (Feronia or the Company) (TSX-V: FRN) announces that it has closed its previously announced third party sale and restructuring transaction. As previously reported, the Company initiated debtor in possession insolvency proceedings under the Bankruptcy and…

Australian Construction & Real-Estate Development Giant Grocon Hits Wall, amid Industry Swoon that Started in Mid-2019 – WOLF STREET

The Pandemic accelerated the mess. ByNick Corbishley, forWOLF STREET: Construction and real-estate development giant and funds management firm Grocon Group which built some of Australias most iconic modern buildings, including three of its five tallest skyscrapers, as well as major projects in India and Abu Dhabi declared insolvency on Friday, according to ABC News, and…

BMW’s Chinese partner Huachen declared bankrupt | Automotive Industry News – just-auto.com

Chinese state owned automaker Huachen Automotive Group has been declared bankrupt and has entered a debt restructuring programme, according to local reports. The company, headquartered in the north eastern Liaoning province, owns four listed companies including Brilliance China Automotive Holdingswhich has a 50:50 joint venture with BMW Group. Huachen Automotive, in a statement on 16November,…

Iconic builder Grocon declares insolvency and is set to go into administration – ABC News

One of Australia’s best-known builders has declared insolvency and is set to go into administration. Grocon Group has delivered several iconic developments in recent decades, including Melbourne’s casino, Eureka Tower and the Rialto Towers. On Friday after speculation it was in trouble, the company announced it was putting the group’s legacy construction companies into administration.…

COVID 19: UK Insolvency Reform Crown Preference Returns From 1 December 2020 – JD Supra

Executive summary On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt…